#Average exchange rate usd to cad 2012 update
#Average exchange rate usd to cad 2012 series

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Next area of interest comes in around 1.2360 (100% expansion), with a break of the November low (1.2352) opening up the October low (1.2288).

Nevertheless, USD/CAD may trade within a defined range amid the failed attempt to break/close above the Fibonacci overlap around 1.2620 (50% retracement) to 1.2660 (78.6% expansion), with the move below the 1.2510 (78.6% retracement) area bringing the 1.2410 (23.6% expansion) to 1.2440 (23.6% expansion) region back on the radar.

In turn, a bear flag formation emerged as USD/CAD struggle d to trade back above the 200-Day SMA ( 1.2469 ), but the continuation pattern failed to materialize as the exchange rate broke above the 1.2510 (78.6% retracement) region to trade to a fresh monthly high (1.2605).

However, the moving average has negated the upward trend as USD/CAD failed to take out the August high (1.2949), with the exchange rate slipping below the July low (1.2303) in October as the Relative Strength Index (RSI) dipped below 30.

Keep in mind, USD/CAD cleared the January high (1.2881) in August as an inverse head-and-shoulders formation took shape, with the development indicating a shift in the broader trend as the 50-Day SMA (1.25 34 ) established a positive slope.

#Average exchange rate usd to cad 2012 update

With that said, USD/CAD may trade continue trade to fresh 2021 highs over the remainder of the year as the bear flag formation unravels, but the update to CanadaвЂ™s CPI may fuel a larger pullback in the exchange rate if it puts pressure on the BoC to implement higher interest rates. The decline net-long interest has helped to alleviate the tilt in retail sentiment as 70.26% of traders were net-long USD/CAD last week, while the rise in net-short position comes as the exchange rate continue to pullback from the monthly high (1.2605). The number of traders net-long is 11.26% higher than yesterday and 25.95% lower from last week, while the number of traders net-short is 2.65% higher than yesterday and 4.31% higher from last week. The IG Client Sentiment report shows 63.80% of traders are currently net-long USD/CAD, with the ratio of traders long to short standing at 1.76 to 1.

#Average exchange rate usd to cad 2012 series

The update to CanadaвЂ™s CPI may generate a bullish reaction in the Canadian Dollar as the headline reading is anticipated to increase to 4.7% from 4.4% in September, which would mark the highest reading since 1991.ДЄs a result, USD/CAD may continue to pullback from the monthly high (1.2605) as it carves a series of lower highs and lows, but further decline in the exchange rate may continue to alleviate the tilt in retail sentiment like the behavior seen earlier this year. to deliver a rate hike sooner rather than later. It seems as though the BoC is in no rush to implement higher interest rates as the central bank pledges to вЂњ provide the appropriate degree of monetary policy stimulus вЂќ after ending its quantitative easing (QE) program in October, but indications of stronger price growth may fuel a larger pullback in USD/CAD as it puts pressure on Governor Tiff Macklem and Co. USD/ CAD appeared to be on track to test the October high (1.2739) as the bear flag formation carried over from last month failed to materialize, and the exchanged rate may continue trade to fresh 2021 highs over the remainder of the year as the Bank of Canada (BoC) insists that вЂњt he economy continues to require considerable monetary policy support. USD/CAD Rate Susceptible to Larger Pullback on Strong Canada CPI